Robinhood Markets (NASDAQ:HOOD) Trading 4.7% Higher - Here's Why

Robinhood Markets, Inc. (NASDAQ:HOOD - Get Free Report) shot up 4.7% during mid-day trading on Wednesday . The stock traded as high as $42.48 and last traded at $41.97. 19,948,785 shares traded hands during mid-day trading, a decline of 3% from the average session volume of 20,648,750 shares. The stock had previously closed at $40.10.

Analyst Upgrades and Downgrades

HOOD has been the topic of several recent analyst reports. Keefe, Bruyette & Woods lifted their price target on shares of Robinhood Markets from $38.00 to $60.00 and gave the company a "market perform" rating in a report on Tuesday, February 18th. Wolfe Research downgraded shares of Robinhood Markets from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, February 18th. Cantor Fitzgerald began coverage on Robinhood Markets in a research report on Thursday, March 6th. They set an "overweight" rating and a $69.00 price objective on the stock. JMP Securities increased their target price on Robinhood Markets from $60.00 to $77.00 and gave the stock a "market outperform" rating in a research report on Thursday, February 13th. Finally, The Goldman Sachs Group upgraded Robinhood Markets from a "neutral" rating to a "buy" rating and lifted their price target for the company from $40.00 to $46.00 in a research report on Friday, December 6th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Robinhood Markets presently has a consensus rating of "Moderate Buy" and an average price target of $61.29.

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Robinhood Markets Price Performance

The company has a 50-day moving average of $49.04 and a 200 day moving average of $37.16. The company has a market cap of $39.28 billion, a PE ratio of 28.25, a price-to-earnings-growth ratio of 1.05 and a beta of 2.14.

Robinhood Markets (NASDAQ:HOOD - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.41 by $0.13. Robinhood Markets had a return on equity of 13.53% and a net margin of 47.81%. Equities research analysts expect that Robinhood Markets, Inc. will post 1.35 EPS for the current year.

Insiders Place Their Bets

In related news, insider Daniel Martin Gallagher, Jr. sold 300,000 shares of the business's stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $37.51, for a total transaction of $11,253,000.00. Following the transaction, the insider now directly owns 806,955 shares in the company, valued at $30,268,882.05. The trade was a 27.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Vladimir Tenev sold 750,000 shares of the firm's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $39.16, for a total value of $29,370,000.00. The disclosure for this sale can be found here. Insiders have sold 2,979,251 shares of company stock worth $142,232,560 in the last ninety days. 19.95% of the stock is owned by company insiders.

Institutional Investors Weigh In On Robinhood Markets

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. grew its stake in Robinhood Markets by 85.3% during the 3rd quarter. Victory Capital Management Inc. now owns 117,383 shares of the company's stock valued at $2,749,000 after purchasing an additional 54,046 shares during the last quarter. CIBC Asset Management Inc grew its position in shares of Robinhood Markets by 3.4% during the 3rd quarter. CIBC Asset Management Inc now owns 21,731 shares of the company's stock valued at $509,000 after acquiring an additional 724 shares during the period. Natixis Advisors LLC increased its position in shares of Robinhood Markets by 44.0% in the third quarter. Natixis Advisors LLC now owns 33,980 shares of the company's stock valued at $796,000 after buying an additional 10,376 shares in the last quarter. Quest Partners LLC increased its stake in shares of Robinhood Markets by 1,008.4% during the third quarter. Quest Partners LLC now owns 15,086 shares of the company's stock worth $353,000 after purchasing an additional 13,725 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Robinhood Markets during the third quarter valued at approximately $365,000. 93.27% of the stock is currently owned by institutional investors and hedge funds.

Robinhood Markets Company Profile

Robinhood Markets, Inc operates financial services platform in the United States. Its platform allows users to invest in stocks, exchange-traded funds (ETFs), American depository receipts, options, gold, and cryptocurrencies. The company offers fractional trading, recurring investments, fully-paid securities lending, access to investing on margin, cash sweep, instant withdrawals, retirement program, around-the-clock trading, and initial public offerings participation services.